Business
Educational Development Corporation Announces Record Monthly January Net Revenues and Active Sales Consultants in the Company’s UBAM Division
TULSA, Okla., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports
About this update from Educational Development Corporation
[{"type":"text","content":"TULSA, Okla., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has achieved record net revenues in January 2021 totaling approximately $11.9 million, an increase of $6.6 million, or 125% over net revenues in January 2020. The Company’s Usborne Books & More (UBAM) division also finished January 2021 with approximately 59,100 active consultants, an increase of 85% over the number of active consultants at the end of January last year. Per Randall White, Chief Executive Officer, “We are pleased to announce continued record monthly net revenues in our fiscal fourth quarter. Our UBAM division generated approximately $11.1 million of net revenues in January 2021, an increase of 141%, over the prior year’s January net revenues of approximately $4.6 million. This growth was driven by sales from our active consultants, a number that has grown significantly over the past year.” Mr. White continued, “Our fiscal fourth quarter, due to the seasonality of our business, typically reflects our lowest sales and highest consultant retention variance for our UBAM division. While UBAM is experiencing this seasonality in December and January, we are bolstered by the double digit and triple digit sales growth over comparable December and January results last year. This growth clearly demonstrates that our active consultants are driving our business to new heights.” Mr. White concluded, “In addition to our growth from UBAM, our Publishing division reported its fourth straight month of increased sales. Sales in the Publishing division were $0.8 million, 14% higher than January last year. This division’s sequential month sales growth reflects that our retail customers are having success reopening their businesses.” About Educational Development Corporation (EDC) EDC is a publishing company specializing in books for children. EDC is the exclusive United States trade co-publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (“Kane Miller”); both international award-winning publishers of children’s books. EDC’s current catalog contains over 2,000 titles, with new additions semi-annually. B...